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    Essay Quiz - Partnership

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    Lourd jeanille Coching

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    © All Rights Reserved
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    Essay Quiz - Partnership

    Uploaded by

    Lourd jeanille Coching
    1 views1 page

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    Copyright:

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    1 views1 page

    Essay Quiz - Partnership

    Uploaded by

    Lourd jeanille Coching

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    LOURD JEANILLE C.

    COCHING BSMA 3- A

    ESSAY - PARTNERSHIP

    1. A, B and C entered into a partnership to operate a restaurant business. When the


    restaurant had gone past break-even stage and started to gamer considerable profits, C
    died. A and B continued business without dissolving the partnership. They in fact
    opened a branch of the restaurant, incurring obligation in the process. Creditors started
    demanding for the payment of their obligations.

    a. Who are liable for the settlement of the partnership’s obligations?

    The partnership was not dissolved after C died. Therefore, C is still part of the
    partnership at the same time even though he is dead he is still liable. A and B are both
    liable for the settlement of the obligation including C’s share of the obligation because
    they still continue to operate the business without dissolving the original partnership
    after C’s death.

    b.What are the creditors recourse/s?

    Creditors can chase after A and B for the unpaid debts. Creditors can be paid by the
    partnership’s assets and if not enough they can go after A and B’s personal assets. In
    addition, A and B cannot avoid their obligations to the creditors because the creditors
    can bring them to court so that they will be compelled to pay the debts of the
    partnership.

    2. TRUE or FALSE. Answer TRUE if the statement is correct, or FALSE if the statement
    is wrong. Explain your answer in not more than two (2) sentences.

    a. An oral partnership is valid. 10 PTS

    True, based on our discussion an oral contract is as good as a written contract unless
    real property is contributed in the partnership. It is stated in Article 1771 that a
    partnership can be created in any form.

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